It is no secret. 2010 was a hard year for home values. According to Zillow.com, homes were expected to lose $1.7 trillion in value. This is an even greater loss than what was seen in 2009.

They report that "the bulk of the total value lost during 2010 was in the second half of the year. From January to June, the housing market lost $680 billion. From June to December, Zillow projects residential home value losses will top $1 trillion."

Some of the largest losses in value were seen in the West. Los Angeles' values fell by $38,000 over the course of 2010. And they are down a whopping $676,000 from the peak in the second quarter of 2006. Phoenix, Arizona, saw values falls by $36,000 in 2010. This is down $222,000 from peak times.